Report Calls for Northern Australia to be Designated as Special Economic Zone
According to the Institute of Public Affairs, lower taxes and reduced red tape would lead to increased investment and development.
The Institute of Public Affairs (IPA) suggests designating Northern Australia as a Special Economic Zone (SEZ) due to overwhelming public support for its development. A recent survey by independent research firm Dynata revealed that almost three times as many Australians are in favor of this move compared to those who oppose it.
IPA Deputy Executive Director Daniel Wild stated, “Northern Australia presents a unique opportunity for long-lasting economic prosperity. However, this can only be achieved with the implementation of the right policies, including cuts to taxes and red tape that will attract long-term investments.”
When asked about introducing a Special Economic Zone with lower taxes to stimulate economic growth in Northern Australia, 42 percent of respondents agreed, 15 percent opposed, and 43 percent were unsure.
“The IPA has advocated for the establishment of a SEZ in Northern Australia for some time. The significant support from Australians indicates the potential to garner widespread backing and investment for the region’s future,” Wild remarked.
Younger Australians, particularly those aged 18 to 34, showed the most favorability towards the idea of a SEZ in Northern Australia, highlighting the importance of building long-term support.
Furthermore, a majority of respondents (55 percent) believe that Australia’s political leaders should have higher ambitions for the future of Northern Australia, indicating strong public sentiment for development in the region.
“Creating a Special Economic Zone in Northern Australia will allow for policy adjustments to address labor shortages, ease tax burdens, and reduce red tape for industries in northern Queensland, encouraging Australians to invest and remain in the region,” Wild stressed.
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“A Special Economic Zone in Northern Australia would streamline regulations to facilitate the planning and construction of crucial infrastructure, making communities sustainable in the long run,” Wild emphasized.
Sixty percent of respondents viewed an increase in the region’s population positively, while 12 percent saw it as a negative, with 28 percent uncertain.
“An SEZ that taps into the economic potential of Northern Australia would go beyond tax reforms to encompass distinct regulatory policies and frameworks,” Wild added.
“Northern Australia—encompassing northern Western Australia, the Northern Territory, and northern Queensland—is pivotal in fueling and upholding the nation’s economic well-being through its robust resources and agricultural sectors.”
